Anon AI Secures £340,000 in pre-Seed Funding

London-based startup Anon AI has raised £340,000 in pre-Seed funding from the University College of London’s Technology Fund, besides the London Co-Invested Fund, AI Seed, and Ascension Ventures.

Founded in 2017, the company is using machine learning to create software able to deliver automatic data anonymisation, thus helping developers and data scientists to share data in a more secure way.

The company is now planning to use the fresh round of cash to enhance its technology and create developing tools for the UCL community.

Anon AI CEO Harry Keen said in a statement “We are excited to be working with UCL’s machine learning experts to create intelligent, commercially viable software, which we can begin rolling out to our waiting list of potential clients. This investment will enable us to create a tool that addresses one of the biggest challenges facing businesses today: avoiding the potentially catastrophic consequences of a data breach, while tapping into a vast source of opportunity.”

UCL Technology Fund investment manager David Grimm also commented on the round in a statement: “Organisations are drowning in data and will face extensive compliance requirements once GDPR comes into effect next year,” he said.

“Anon AI addresses the dual challenge of maintaining the security of mass personal data and preserving innovation. Its experienced team and cutting edge AI software give it an excellent opportunity to take an industry leading position in a market which stands at £30m+ in the financial services industry alone.”

Launched in January 2016, the UCL Technology Fund was created to support academics whose research has commercial potential; Anon AI is the fourth AI business it has invested in.